0001110805false00011108052024-02-152024-02-150001110805ns:CommonLimitedPartnerMember2024-02-152024-02-150001110805ns:SeriesAPreferredLimitedPartnerMember2024-02-152024-02-150001110805ns:SeriesBPreferredLimitedPartnerMember2024-02-152024-02-150001110805ns:SeriesCPreferredLimitedPartnerMember2024-02-152024-02-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 15, 2024
NuStar Energy L.P.
Delaware001-1641774-2956831
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
19003 IH-10 West
San Antonio, Texas 78257
(Address of principal executive offices)
(210) 918-2000
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsNSNew York Stock Exchange
8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsNSprANew York Stock Exchange
7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsNSprBNew York Stock Exchange
9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsNSprCNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.

On February 15, 2024, NuStar Energy L.P., a Delaware limited partnership, issued a press release announcing financial results for the quarter ended December 31, 2023. A copy of the press release announcing the financial results is furnished with this report as Exhibit 99.01 and is incorporated herein by reference.


Item 9.01    Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit Number Exhibit
 
Press Release dated February 15, 2024.
Exhibit 104Cover Page Interactive Data File - formatted in Inline XBRL and included as Exhibit 101



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
NUSTAR ENERGY L.P.
By:
Riverwalk Logistics, L.P.
its general partner
By:
NuStar GP, LLC
its general partner
Date: February 15, 2024
By:
/s/ Amy L. Perry
Name:Amy L. Perry
Title:Executive Vice President-Strategic Development and General Counsel


Exhibit 99.01
NuStar Energy L.P. Reports Solid Fourth Quarter and Full-Year 2023 Earnings Results

SAN ANTONIO, February 15, 2024 - NuStar Energy L.P. (NYSE: NS) today announced solid results for the fourth quarter and full-year 2023 fueled by strong revenues and volumes in its refined products pipelines and strong performance in its Fuels Marketing Segment.

NuStar reported net income of $70 million for the fourth quarter of 2023, or $0.37 per unit, compared to net income of $92 million, or $0.18 per unit, for the fourth quarter of 2022. Results for the fourth quarter of 2022 include a gain from insurance proceeds to rebuild tanks at its Selby terminal. Earnings per unit (EPU) for the fourth quarter of 2022 also included a $0.31 per unit premium related to the repurchase of a portion of the Series D preferred units. Excluding the effects of these items, adjusted net income was $75 million for the fourth quarter of 2022, or $0.34 per unit. For full-year 2023, NuStar reported net income of $274 million, or $0.72 per unit, compared to net income of $223 million, or $0.36 per unit, for the year ended 2022.

Excluding the gain related to the sale of a portion of NuStar’s corporate headquarters in 2023, non-cash charges and insurance proceeds in 2022, as well as the EPU impact from the repurchases of the Series D preferred units in 2023 and 2022, our full-year 2023 adjusted net income was $233 million, or $0.92 per unit, compared to 2022 adjusted net income of $250 million, or $0.92 per unit.

It is important to note that earnings before interest, taxes, depreciation and amortization (EBITDA) were not impacted by the premium associated with the accelerated repurchase of the Series D preferred units, and we reported EBITDA of $199 million for the fourth quarter of 2023, compared to fourth quarter of 2022 adjusted EBITDA of $197 million. Our adjusted EBITDA for full-year 2023 was $735 million – up compared to 2022 adjusted EBITDA of $722 million.

Distributable Cash Flow (DCF) was $87 million for the fourth quarter of 2023, compared to fourth quarter of 2022 adjusted DCF of $89 million. The distribution coverage ratio was 1.73 times for the fourth quarter of 2023.

Adjusted DCF was $354 million for full-year 2023, compared to adjusted DCF of $357 million in 2022. The adjusted distribution coverage ratio was 1.86 times for full-year 2023.

“I am pleased to report that we have delivered another quarter of solid earnings results and made significant progress on many of our strategic initiatives in 2023,” said NuStar Chairman and CEO Brad Barron.

Operations Continue to Perform Well

NuStar’s Pipeline Segment generated operating income of $130 million and EBITDA of $174 million in the fourth quarter of 2023, compared to operating income of $132 million and EBITDA of $176 million in the fourth quarter of 2022, as increased revenues and throughputs across refined products systems were offset by decreases from the Permian Crude System and Corpus Christi Crude System.

The Permian Crude System’s fourth quarter of 2023 volumes averaged 528,000 BPD, down compared to the fourth quarter of 2022 but up slightly from the third quarter of 2023.

“As we have said on prior calls, our Permian volumes reflected some producer-specific operational issues and delays in 2023, which were largely resolved over the course of the year,” said Barron.



For full-year 2023, NuStar’s Pipeline Segment generated operating income of $483 million compared to operating income of $439 million in 2022 and EBITDA of $659 million in 2023, compared to EBITDA of $617 million in 2022, an improvement of 7%.

“Our refined products systems, along with our Ammonia System, generated solid, dependable revenue in 2023 as total throughputs were up compared to 2022, reflecting the strength of these assets and our strong position in the markets we serve in the mid-Continent and throughout Texas,” said Barron.

“Our McKee System also performed very well this year, with higher revenues and throughputs versus last year, and almost all our pipeline systems benefitted from annual rate escalations linked to either the FERC index or PPI.”

NuStar’s Storage Segment generated operating income of $26 million and EBITDA of $45 million in the fourth quarter of 2023, compared to operating income of $22 million and EBITDA of $41 million in the fourth quarter of 2022, largely driven by the solid performance of the West Coast region and the continuing growth from our West Coast Renewables Strategy.

For full-year 2023, NuStar’s Storage Segment generated operating income of $88 million and EBITDA of $163 million, compared to operating income of $61 million and adjusted EBITDA of $180 million in 2022. While West Coast region revenues continued to increase, an amendment and an extension of a customer contract at the Corpus Christi North Beach terminal combined with customer transitions and required tank maintenance at the St. James terminal contributed to the decrease in adjusted EBITDA.

Barron also highlighted the strong performance of NuStar’s Fuels Marketing Segment.

“After a near record-breaking 2022, our Fuels Marketing Segment has turned in another strong quarter, generating operating income and EBITDA of $12 million in the fourth quarter of 2023, which is comparable to the segment’s strong fourth quarter of 2022 results,” said Barron. For full-year 2023, NuStar’s Fuels Marketing Segment generated operating income and EBITDA of $33 million, comparable to 2022 operating income and EBITDA of $34 million.

Even with the acceleration of our Series D redemptions in 2023, we ended the fourth quarter of 2023 with a healthy debt-to-EBITDA ratio of 3.85 times and $652 million available on our $1.0 billion unsecured revolving credit facility.

Positive Outlook for 2024

Although the pending merger with Sunoco LP is expected to close as early as the second quarter of 2024, we want to provide our 2024 financial expectations for NuStar on a stand-alone basis. We expect to generate full-year 2024 net income in the range of $220 to $260 million and full-year 2024 EBITDA in the range of $720 to $780 million.

NuStar once again expects to self-fund all of its operational expenses, growth capital and distributions, and continues to target a healthy year-end debt-to-EBITDA ratio below four times.

Conference Call Details

In light of the merger announced on January 22, 2024, NuStar no longer plans to host its previously scheduled earnings call.






About NuStar Energy L.P.

NuStar Energy L.P., through its subsidiaries (collectively, “NuStar” or the “Partnership”), is an independent liquids terminal and pipeline operator. NuStar has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The Partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements regarding future events and expectations, such as NuStar’s future performance, plans and expenditures. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2022 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.





NuStar Energy L.P. and Subsidiaries
Consolidated Financial Information
(Unaudited, Thousands of Dollars, Except Unit, Per Unit and Ratio Data)
 Three Months Ended December 31,Year Ended December 31,
 2023202220232022
Statement of Income Data:
Revenues:
Service revenues$304,989 $299,497 $1,155,567 $1,120,249 
Product sales146,697 130,463 478,620 562,974 
Total revenues451,686 429,960 1,634,187 1,683,223 
Costs and expenses:
Costs associated with service revenues:
Operating expenses95,112 92,353 371,689 364,989 
Depreciation and amortization expense63,183 63,195 250,982 251,878 
Total costs associated with service revenues158,295 155,548 622,671 616,867 
Costs associated with product sales125,846 108,730 407,793 486,947 
Impairment loss— — — 46,122 
General and administrative expenses34,418 34,460 129,846 117,116 
Other depreciation and amortization expense1,056 1,776 4,728 7,358 
Total costs and expenses319,615 300,514 1,165,038 1,274,410 
Gain on sale of assets— — 41,075 — 
Operating income132,071 129,446 510,224 408,813 
Interest expense, net(62,698)(55,956)(241,364)(209,009)
Other income, net2,917 19,024 10,215 26,182 
Income before income tax expense72,290 92,514 279,075 225,986 
Income tax expense1,899 911 5,412 3,239 
Net income$70,391 $91,603 $273,663 $222,747 
Basic and diluted net income per common unit$0.37 $0.18 $0.72 $0.36 
Basic and diluted weighted-average common units outstanding126,205,999 110,566,272 116,851,373 110,341,206 

Non-GAAP Data (Note 1):
Adjusted net income$70,391 $75,237 $232,588 $249,795 
Adjusted net income per common unit$0.37 $0.34 $0.92 $0.92 
EBITDA
$199,227 $213,441 $776,149 $694,231 
Adjusted EBITDA$199,227 $197,075 $735,074 $722,423 
DCF$87,337 $69,937 $287,061 $337,482 
Adjusted DCF$87,337 $89,216 $353,756 $356,761 
Distribution coverage ratio1.73x1.58x1.51x1.91x
Adjusted distribution coverage ratio1.73x2.01x1.86x2.02x

For the Four Quarters Ended December 31,
20232022
Consolidated Debt Coverage Ratio
3.85x3.98x





NuStar Energy L.P. and Subsidiaries
Consolidated Financial Information - Continued
(Unaudited, Thousands of Dollars, Except Barrel Data)
 Three Months Ended December 31,Year Ended December 31,
 2023202220232022
Pipeline:
Crude oil pipelines throughput (barrels/day)1,299,866 1,410,966 1,234,051 1,319,360 
Refined products and ammonia pipelines
throughput (barrels/day)
617,909 611,011 602,913 579,240 
Total throughput (barrels/day)1,917,775 2,021,977 1,836,964 1,898,600 
Throughput and other revenues$228,621 $229,935 $873,869 $828,191 
Operating expenses54,754 53,609 214,751 210,719 
Depreciation and amortization expense44,294 44,726 175,930 178,802 
Segment operating income$129,573 $131,600 $483,188 $438,670 
Storage:
Throughput (barrels/day)489,206 512,504 448,331 480,129 
Throughput terminal revenues$31,473 $26,288 $104,495 $110,591 
Storage terminal revenues54,056 53,165 215,104 223,958 
Total revenues85,529 79,453 319,599 334,549 
Operating expenses40,358 38,744 156,938 154,270 
Depreciation and amortization expense18,889 18,469 75,052 73,076 
Impairment loss— — — 46,122 
Segment operating income$26,282 $22,240 $87,609 $61,081 
Fuels Marketing:
Product sales$137,540 $120,574 $440,725 $520,486 
Cost of goods125,401 107,850 405,992 484,477 
Gross margin12,139 12,724 34,733 36,009 
Operating expenses449 882 1,807 2,473 
Segment operating income$11,690 $11,842 $32,926 $33,536 
Consolidation and Intersegment Eliminations:
Revenues$(4)$(2)$(6)$(3)
Cost of goods(4)(2)(6)(3)
Total$— $— $— $— 
Consolidated Information:
Revenues$451,686 $429,960 $1,634,187 $1,683,223 
Costs associated with service revenues:
Operating expenses95,112 92,353 371,689 364,989 
Depreciation and amortization expense63,183 63,195 250,982 251,878 
Total costs associated with service revenues158,295 155,548 622,671 616,867 
Costs associated with product sales125,846 108,730 407,793 486,947 
Impairment loss— — — 46,122 
Segment operating income167,545 165,682 603,723 533,287 
Gain on sale of assets— — 41,075 — 
General and administrative expenses34,418 34,460 129,846 117,116 
Other depreciation and amortization expense1,056 1,776 4,728 7,358 
Consolidated operating income$132,071 $129,446 $510,224 $408,813 





NuStar Energy L.P. and Subsidiaries
Reconciliation of Non-GAAP Financial Information
(Unaudited, Thousands of Dollars, Except Ratio Data)

Note 1: NuStar Energy L.P. (the Partnership) utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the Partnership’s assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We present segment EBITDA to facilitate period-over-period comparisons of the operational performance of our business segments and to understand our business segments’ relative contributions to our consolidated performance. We may also adjust these measures to enhance the comparability of our performance across periods.

Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is a financial indicator used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.

None of these financial measures are presented as an alternative to net income. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.

The following is a reconciliation of net income to EBITDA, DCF and distribution coverage ratio.
 Three Months Ended December 31,Year Ended December 31,
 2023202220232022
Net income$70,391 $91,603 $273,663 $222,747 
Interest expense, net 62,698 55,956 241,364 209,009 
Income tax expense1,899 911 5,412 3,239 
Depreciation and amortization expense64,239 64,971 255,710 259,236 
EBITDA199,227 213,441 776,149 694,231 
Interest expense, net (62,698)(55,956)(241,364)(209,009)
Reliability capital expenditures(7,504)(8,118)(27,995)(32,775)
Income tax expense(1,899)(911)(5,412)(3,239)
Long-term incentive equity awards (a)3,242 3,337 12,919 11,434 
Preferred unit distributions(23,335)(32,511)(114,729)(127,589)
Impairment loss— — — 46,122 
Income tax benefit related to impairment loss— — — (1,144)
Premium on redemption/repurchase of Series D Cumulative Convertible Preferred Units— (49,600)(107,770)(49,600)
Other items(19,696)255 (4,737)9,051 
DCF$87,337 $69,937 $287,061 $337,482 
Distributions applicable to common limited partners$50,607 $44,328 $189,724 $176,746 
Distribution coverage ratio (b)1.73x1.58x1.51x1.91x
(a)We intend to satisfy the vestings of these equity-based awards with the issuance of our common units. As such, the expenses related to these awards are considered non-cash and added back to DCF. Certain awards include distribution equivalent rights (DERs). Payments made in connection with DERs are deducted from DCF.
(b)Distribution coverage ratio is calculated by dividing DCF by distributions applicable to common limited partners.





NuStar Energy L.P. and Subsidiaries
Reconciliation of Non-GAAP Financial Information - Continued
(Unaudited, Thousands of Dollars, Except Ratio and Per Unit Data)
The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement).
Year Ended December 31,
20232022
Operating income$510,224 $408,813 
Depreciation and amortization expense255,710 259,236 
Impairment loss— 46,122 
Amortization expense of equity-based awards15,547 13,781 
Pro forma effect of disposition (a)— (1,760)
Other(6,087)(3,607)
Consolidated EBITDA, as defined in the Revolving Credit Agreement$775,394 $722,585 
Long-term debt, less current portion of finance leases$3,410,338 $3,293,415 
Long-term portion of finance leases(50,707)(51,127)
Unamortized debt issuance costs27,809 33,252 
NuStar Logistics’ floating rate subordinated notes
(402,500)(402,500)
Consolidated Debt, as defined in the Revolving Credit Agreement$2,984,940 $2,873,040 
Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA)3.85x3.98x
(a)This adjustment represents the pro forma effect of the disposition of the Point Tupper terminal, which was sold in April 2022.

The following are reconciliations of net income / net income per common unit to adjusted net income / adjusted net income per common unit.
Three Months Ended December 31,
20232022
Net income / net income per common unit$70,391 $0.37 $91,603 $0.18 
Gain from insurance recoveries— — (16,366)(0.15)
Premium on repurchase of Series D Cumulative Convertible Preferred Units— — — 0.31 
Adjusted net income / adjusted net income per common unit$70,391 $0.37 $75,237 $0.34 

Year Ended December 31,
20232022
Net income / net income per common unit$273,663 $0.72 $222,747 $0.36 
Premium on redemption/repurchase of Series D Cumulative Convertible Preferred Units— 0.55 — 0.31 
Gain on sale of assets(41,075)(0.35)— — 
Impairment loss— — 46,122 0.42 
Income tax benefit related to impairment loss— — (1,144)(0.01)
Gain from insurance recoveries— — (16,366)(0.15)
Other— — (1,564)(0.01)
Adjusted net income / adjusted net income per common unit$232,588 $0.92 $249,795 $0.92 






NuStar Energy L.P. and Subsidiaries
Reconciliation of Non-GAAP Financial Information - Continued
(Unaudited, Thousands of Dollars, Except Ratio Data)

The following is a reconciliation of EBITDA to adjusted EBITDA.
Three Months Ended December 31,Year Ended December 31,
2023202220232022
EBITDA$199,227 $213,441 $776,149 $694,231 
Gain on sale of assets— — (41,075)— 
Gain from insurance recoveries— (16,366)— (16,366)
Impairment loss— — — 46,122 
Other— — — (1,564)
Adjusted EBITDA$199,227 $197,075 $735,074 $722,423 

The following is a reconciliation of DCF to adjusted DCF and adjusted distribution coverage ratio.
Three Months Ended December 31,Year Ended December 31,
2023202220232022
DCF$87,337 $69,937 $287,061 $337,482 
Premium on repurchase/redemption of Series D Cumulative Convertible Preferred Units— 49,600 107,770 49,600 
Gain from insurance recoveries— (16,366)— (16,366)
Gain on sale of assets— — (41,075)— 
Other— (13,955)— (13,955)
Adjusted DCF$87,337 $89,216 $353,756 $356,761 
Distributions applicable to common limited partners$50,607 $44,328 $189,724 $176,746 
Adjusted distribution coverage ratio (a)1.73x2.01x1.86x2.02x
(a)Adjusted distribution coverage ratio is calculated by dividing adjusted DCF by distributions applicable to common limited partners.







NuStar Energy L.P.
Reconciliation of Non-GAAP Financial Information - Continued
(Unaudited, Thousands of Dollars)

The following are reconciliations for our reported segments of operating income to segment EBITDA and adjusted segment EBITDA.
Three Months Ended December 31, 2023
 PipelineStorageFuels Marketing
Operating income$129,573 $26,282 $11,690 
Depreciation and amortization expense44,294 18,889 — 
Segment EBITDA$173,867 $45,171 $11,690 
Three Months Ended December 31, 2022
PipelineStorageFuels Marketing
Operating income$131,600 $22,240 $11,842 
Depreciation and amortization expense44,726 18,469 — 
Segment EBITDA$176,326 $40,709 $11,842 
Year Ended December 31, 2023
PipelineStorageFuels Marketing
Operating income$483,188 $87,609 $32,926 
Depreciation and amortization expense175,930 75,052 — 
Segment EBITDA$659,118 $162,661 $32,926 
Year Ended December 31, 2022
PipelineStorageFuels Marketing
Operating income$438,670 $61,081 $33,536 
Depreciation and amortization expense178,802 73,076 — 
Segment EBITDA617,472 134,157 33,536 
Impairment loss— 46,122 — 
Adjusted segment EBITDA$617,472 $180,279 $33,536 

The following is a reconciliation of projected net income to EBITDA.
 Projected for the Year Ended December 31, 2024
Net income$ 220,000 - 260,000
Interest expense, net242,000 - 249,000
Income tax expense3,000 - 6,000
Depreciation and amortization expense255,000 - 265,000
EBITDA$ 720,000 - 780,000


v3.24.0.1
Cover Document
Feb. 15, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 15, 2024
Entity Registrant Name NuStar Energy L.P.
Entity Incorporation, State DE
Entity File Number 001-16417
Entity Tax Identification Number 74-2956831
Entity Address, Street 19003 IH-10 West
Entity Address, City San Antonio
Entity Address, State TX
Entity Address, Zip Code 78257
City Area Code (210)
Entity Local Phone Number 918-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001110805
Amendment Flag false
Common Limited Partner [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Units
Trading Symbol NS
Security Exchange Name NYSE
Series A Preferred Limited Partner [Member]  
Document Information [Line Items]  
Title of 12(b) Security 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Trading Symbol NSprA
Security Exchange Name NYSE
Series B Preferred Limited Partner [Member]  
Document Information [Line Items]  
Title of 12(b) Security 7.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Trading Symbol NSprB
Security Exchange Name NYSE
Series C Preferred Limited Partner [Member]  
Document Information [Line Items]  
Title of 12(b) Security 9.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Trading Symbol NSprC
Security Exchange Name NYSE
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